Question

What simple interest rate would allow $6000 to grow to an amount of $14550 in 10 years?

Answer 1

`\boxed{ \bold{ \huge{ \boxed{ \sf{ \: 14.25 \: \% \: }}}}}`

Explanation:

Given,

Principal ( P ) = $ 6000

Amount ( A ) = $ 14550

Time ( T ) = 10 years

Rate ( R ) = ?

Finding the Interest

The sum of principal and interest is called an amount.

From the definition,

`\boxed{ \sf{Amount = \: Principal + Interest}}`

plug the values

⇒
`\sf{14550 = 6000 + Interest}`

Swap the sides of the equation

⇒
`\sf{6000 + Interest = 14550}`

Move 6000 to right hand side and change its sign

⇒
`\sf{Interest = 14550 - 6000}`

Subtract 6000 from 14550

⇒
`\sf{Interest = \: 8550 \: }`

Interest = $ 8550

Finding the rate

`{ \boxed{ \sf{Rate = (Interest * 100)/(Principal * Time)}}}`

plug the values

⇒
`\sf{ Rate = (8550 * 100)/(6000 * 10) }`

Calculate

⇒
`\sf{Rate = (855000)/(60000) }`

⇒
`\sf{Rate = 14.25 \: \% \: }`

Hope I helped!

Best regards!!